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Presale: PFS Financing Corp. (Series 2021-B)

The preliminary ratings assigned to PFS Financing Corp.'s premium finance asset-backed fixed-rate notes series 2021-B reflect : The credit enhancement in the form of overcollateralization and the available excess spread related to the company's historical portfolio loss performance, The credit quality of the pool's insurance carriers, and The servicer's ability to service the portfolio, which we believe is in line with its historical performance. The net proceeds from the new issuance will be used reduce the draw on the variable-funding notes. Our rating analysis considered the potential exposure of the transaction to ESG credit factors. We have not identified any material ESG credit factors in our analysis. Therefore, ESG credit factors do not influence our assessment of the transaction's credit